Adani Enterprises Launches Share Placement, Sets Floor Price
Adani Enterprises (NSE:ADANIENT, BOM:512599) launched a qualified institutional placement at a floor price of 3,034.68 Indian rupees per share, according to a preliminary document released on Thursday. While the company did not mention the total number of shares on offer, media reports estimate the company to raise at least 100 billion rupees through the issue, implying the shares issued to large investors to be up to 34.7 million. The company plans to use the proceeds for capital expenditure at subsidiaries, including setting up a polyvinyl chloride plant and payment of the concession fee for the six-lane Chennai Outer Ring Road tolling. It will also use the funds to refinance debt, among others. Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities are the deal's lead managers.
Adani Enterprises (NSE:ADANIENT, BOM:512599) launched a qualified institutional placement at a floor price of 3,034.68 Indian rupees per share, according to a preliminary document released on Thursday.
While the company did not mention the total number of shares on offer, media reports estimate the company to raise at least 100 billion rupees through the issue, implying the shares issued to large investors to be up to 34.7 million.
The company plans to use the proceeds for capital expenditure at subsidiaries, including setting up a polyvinyl chloride plant and payment of the concession fee for the six-lane Chennai Outer Ring Road tolling.
It will also use the funds to refinance debt, among others.
Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities are the deal's lead managers.